The tendency lately of the S&P 500 Index is to treat the monthly open as support or resistance. If the market trades down from the monthly open, the open has been treated as resistance, or as support if the market trades up from the open as it happened in May.
The market is back to the June open from a trading down scenario. Today may decide if the market treats this level as resistance and trade back down, or trade up from here.
Charles
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